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140-400: The Eastern Suburbs Railway (ESR) is a commuter railway line in Sydney constructed in the 1970s. It is operated by Sydney Trains and has stations at Martin Place , Kings Cross , Edgecliff and Bondi Junction . In addition, it has dedicated platforms at Town Hall , Central and Redfern stations. All of these stations are underground. The Eastern Suburbs railway connects with

280-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

420-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

560-586: A better option for patronage and road congestion relief reasons). Further, only a single-track connection would be made to the existing Sydney network at Erskineville , with provision for double-tracking at a later stage (along with a new underground platforms at Redfern ). The final contract for the line involved approximately 10 kilometres (6.2 mi) of single track tunnel structures and crossovers, four underground stations (Martin Place, Kings Cross, Edgecliff and Bondi Junction; Town Hall already existed and Central

700-520: A cutting in Woollahra , the site of a vestigial station . The lines go back underground at Bondi Junction . Proposals for a line to the Eastern Suburbs of Sydney had first been associated with demands in the 1860s that the railway be extended into Sydney's city, rather than terminating at the original Sydney station on the south of city. However, priorities in connecting country areas, and

840-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

980-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1120-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1260-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

1400-604: A new timetable on 28 May 2006. In 1999, a private proposal to extend the railway to Bondi Beach at a cost of $ 197 million received backing from the Federal Government but the scheme did not go ahead. The project proposed to extend the Eastern Suburbs Railway from its current terminus at Bondi Junction to a new underground station at Bondi Beach. The Bondi Beach Railway Company, owned by Lendlease and Macquarie Bank , proposed to build and maintain

1540-450: A published timetable and use dedicated tracks (underground or elevated), whereas commuter rail often shares tracks, technology and the legal framework within mainline railway systems, and uses rolling stocks with more seating and higher speed for comfort on longer city-suburban journeys. However, the classification as a metro or rapid rail can be difficult as both may typically cover a metropolitan area exclusively, run on separate tracks in

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1680-484: A rate of approximately 250 metres per year on average. Only double-deck rolling stock was used on the line - the first line in Sydney to become all double-deck. When opened, the integration with the rest of the Sydney network (announced as a result of the 1976 report) had not been completed, so the line operated as a short-lived self-contained shuttle service between Central and Bondi Junction at five-minute frequencies during

1820-670: A recession. Works on the four platforms at Central was approximately 30% completed when the project was abandoned again. The project was not revived until the mid-1960s. In 1967, the New South Wales Government awarded the contract for the civil and structural design of the entire line to the Snowy Mountains Hydro-electric Authority (SMA), the Federal Government agency responsible for the design and construction of

1960-510: A schedule rather than fixed intervals, and fewer stations spaced further apart. They primarily serve lower density suburban areas (non inner-city), generally only having one or two stops in a city's central business district, and often share right-of-way with intercity or freight trains. Some services operate only during peak hours and others use fewer departures during off peak hours and weekends. Average speeds are high, often 50 km/h (30 mph) or higher. These higher speeds better serve

2100-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

2240-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

2380-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

2520-619: A tunnel portal north of Erskineville , the Eastern Suburbs line runs north to Redfern , then Central . The line then heads north-west to Town Hall , then east to Martin Place before emerging near the Art Gallery of New South Wales onto a viaduct across the suburb of Woolloomooloo . The line goes back underground at Kings Cross , before emerging onto a viaduct across Rushcutters Bay . The line goes back underground at Edgecliff , then heads south-east through tunnel to emerge at

2660-584: A vestigial station on site, with platform walls in place). Lastly, it was decided to build the Bondi Junction Bypass section of the Eastern Suburbs Freeway (a road otherwise unbuilt), now Syd Einfeld Drive . The Eastern Suburbs line was finally opened on 23 June 1979 by then New South Wales premier Neville Wran around 50 years after it was first planned and 31 years after construction began - construction had taken place at

2800-586: A wide variety of different features and service frequencies, but is often used in contrast to rapid transit or light rail . Some services share similarities with both commuter rail and high-frequency rapid transit ; examples include New Jersey Transit in the U.S., German S-Bahn in some cities, the Réseau Express Régional (RER) in Paris, the S Lines in Milan, many Japanese commuter systems,

2940-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

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3080-935: Is especially the case for lines operated by Korail , such as the Gyeongui-Jungang Line , the Gyeongchun Line , the Suin-Bundang Line , or the Gyeonggang Line . Even some lines not operated by Korail, such as the AREX Line, the Seohae Line or the Shinbundang Line mostly function as commuter rail. Lastly, even for the "numbered lines" (1–9) of the Seoul Metropolitan Subway which mostly travel in

3220-603: Is heavily used by commuters in the Greater Tokyo Area , who commute between 100 and 200 km (62 and 124 mi) by Shinkansen . To meet the demand of commuters, JR sells commuter discount passes. Before 2021, they operated 16-car bilevel E4 Series Shinkansen trains at rush hour, providing a capacity of 1,600 seats. Several lines in China, such as the Beijing–Tianjin Intercity Railway and

3360-417: Is often a case of asset sweating , by using a single large combined fleet for intercity and regional services. Loco hauled services are usually run in push-pull formation, that is, the train can run with the locomotive at the "front" or "rear" of the train (pushing or pulling). Trains are often equipped with a control cab at the other end of the train from the locomotive, allowing the train operator to operate

3500-1908: Is one suburban rail called the Chittagong Circular Railway . Another suburban railway called the Dhaka Circular Railway is currently proposed. Karachi in Pakistan has a circular railway since 1969. Tehran Metro currently operates the Line 5 commuter line between Tehran and Karaj . Turkey has lines connecting Başkentray , İZBAN , Marmaray and Gaziray . Major metropolitan areas in most European countries are usually served by extensive commuter/suburban rail systems. Well-known examples include BG Voz in Belgrade (Serbia), S-Bahn in Germany, Austria and German-speaking areas of Switzerland, Proastiakos in Greece, RER in France and Belgium, Servizio ferroviario suburbano in Italy, Cercanías and Rodalies ( Catalonia ) in Spain, CP Urban Services in Portugal, Esko in Prague and Ostrava (Czech Republic), HÉV in Budapest (Hungary) and DART in Dublin (Ireland). London has multiple commuter rail routes: The Merseyrail network in Liverpool consists of two commuter rail routes powered by third rail, both of which branch out at one end. At

3640-470: Is operationally more like a typical metro system (frequent trains, an emphasis on standing passengers , short station spacings) than it is like commuter rail in other countries. Japanese commuter rail commonly interline with city center subway lines, with commuter rail trains continuing into the subway network, and then out onto different commuter rail systems on the other side of the city. Many Japanese commuter systems operate various stopping patterns to reduce

3780-526: Is still possible to tell them apart. Some operators, for example Thameslink , focus solely on commuter services. Others, such as Avanti West Coast and LNER , run solely intercity services. Others still, such as GWR and EMR , run a mixture of commuter, regional and intercity services. Some of these operators use different branding for different types of service (for example EMR brands its trains as either "InterCity", "Connect" for London commuter services, and "Regional") but even for those operators that do not,

3920-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

4060-579: Is used in Australia (Sydney for example) to describe the regional trains operating beyond the boundaries of the suburban services, even though some of these "inter-city" services stop all stations similar to German regional services. In this regard, the German service delineations and naming conventions are clearer and better used for academic purposes. Sometimes high-speed rail can serve daily use of commuters. The Japanese Shinkansen high speed rail system

4200-426: Is widely used in many commuter rail trains to increase capacity in rush hours. Carriages are usually not organized to increase seating capacity (although in some trains at least one carriage would feature more doors to facilitate easier boarding and alighting and bench seats so that they can be folded up during rush hour to provide more standing room) even in the case of commuting longer than 50 km and commuters in

4340-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

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4480-769: The Chennai MRTS , also covers over 300 stations and carries more than 2.5 million people daily to different areas in Chennai and its surroundings. Other commuter railways in India include the Hyderabad MMTS , Delhi Suburban Railway , Pune Suburban Railway and Lucknow-Kanpur Suburban Railway . In 2020, Government of India approved Bengaluru Suburban Railway to connect Bengaluru and its suburbs. It will be unique and first of its kind in India as it will have metro like facilities and rolling stock. In Bangladesh, there

4620-804: The East Rail line in Hong Kong, and some Australasian suburban networks, such as Sydney Trains . Many commuter rail systems share tracks with other passenger services and freight . In North America, commuter rail sometimes refers only to systems that primarily operate during rush hour and offer little to no service for the rest of the day, with regional rail being used to refer to systems that offer all-day service. Most commuter (or suburban) trains are built to main line rail standards, differing from light rail or rapid transit (metro rail) systems by: Compared to rapid transit (or metro rail), commuter/suburban rail often has lower frequency , following

4760-528: The Greater Tokyo Area , Seoul metropolitan area , and Jabodetabek area have to stand in the train for more than an hour. Currently there are not many examples of commuter rail in Africa . Metrorail operates in the major cities of South Africa , and there are some commuter rail services in Algeria , Botswana , Kenya , Morocco , Egypt and Tunisia . In Algeria, SNTF operates commuter rail lines between

4900-845: The Guangshen Railway have more frequent metro-like service. The two MTR lines which are owned and formerly operated by the Kowloon-Canton Railway Corporation ( East Rail line and Tuen Ma line which is integrated from the former West Rail line and Ma On Shan line in 2021), then the "KCR" ), and MTR's own Tung Chung line connect the new towns in New Territories and the city centre Kowloon together with frequent intervals, and some New Territories-bound trains terminate at intermediate stations, providing more frequent services in Kowloon and

5040-569: The Illawarra line at Erskineville , forming the Eastern Suburbs & Illawarra Line . The line features turnbacks at Central, Martin Place and Bondi Junction. There was also previously a rarely used cross-over at Edgecliff. It operates a service every 3 to 5 minutes during weekday peak hours and 8 to 10 minutes at all other times. The twin-track Eastern Suburbs line consists of eight stations connected mainly by viaduct and tunnel. The stations are finished in terrazzo and colourful tiles . From

5180-585: The Jakarta city center with surrounding cities and sub-urbans in Banten and West Java provinces, including Depok , Bogor , Tangerang , Serpong , Rangkasbitung , Bekasi and Cikarang . In July 2015, KRL Commuterline served more than 850,000 passengers per day, which is almost triple of the 2011 figures, but still less than 3.5% of all Jabodetabek commutes. Other commuter rail systems in Indonesia include

5320-1023: The Metro Surabaya Commuter Line , Commuter Line Bandung , KAI Commuter Yogyakarta–Solo Line , Kedung Sepur , and the Sri Lelawangsa . In the Philippines, the Philippine National Railways has two commuter rail systems currently operational; the PNR Metro Commuter Line in the Greater Manila Area and the PNR Bicol Commuter in the Bicol Region . A new commuter rail line in Metro Manila,

5460-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

5600-614: The North–South Commuter Railway , is currently under construction. Its North section is set to be partially opened by 2021. In Malaysia, there are two commuter services operated by Keretapi Tanah Melayu . They are the KTM Komuter that serves Kuala Lumpur and the surrounding Klang Valley area , and the KTM Komuter Northern Sector that serves Greater Penang , Perak , Kedah and Perlis in

5740-678: The Rail Clearways Program , the $ 77 million Bondi Junction Turnback project saw a new rail crossover built between the single-track tunnels, enabling 20 trains an hour, up from 14, to use the station. The small number of services which ran from the Illawarra Line onto the City Circle were also transferred onto the Eastern Suburbs Line at this time. The work was completed in time for the introduction of

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5880-767: The Shanghai–Nanjing High-Speed Railway , serve a similar role with many more under construction or planned. In South Korea, some sections of the high-speed rail network are also heavily used by commuters, such as the section between Gwangmyeong Station and Seoul Station on the KTX network ( Gyeongbu HSR Line ), or the section between Dongtan Station and Suseo station on the SRT Line. The high-speed services linking Zürich , Bern and Basel in Switzerland (200 km/h (120 mph)) have brought

6020-798: The Snowy Mountains Scheme in south-eastern Australia. The line was planned to run to Bondi Junction via Kings Cross, as planned in 1947, but then continue to Kingsford via Randwick and the University of New South Wales . Various station options were considered including a station at Rushcutters Bay, but the final conclusion was the line would run Central (by finishing the incomplete platforms), Town Hall (making use of two hitherto unutilised platforms), Martin Place, Kings Cross, Edgecliff, Woollahra, Bondi Junction, Charing Cross , Frenchmans Road, Randwick Junction, University of New South Wales and Kingsford (Nine Ways). Terrain factors caused

6160-551: The Sydney Cricket Ground , extending to Kingsford , with a proposal to extend from Taylor Square to Coogee . The City and Suburban Electric Railways (Amendment) Act , Act No. 13 of 1947, made provision for the construction of further electric railways in the City of Sydney, serving the eastern, southern and south eastern suburbs. This Act amended the earlier scheme proposed by Bradfield in 1916, which had provided for

6300-424: The Underground and the Overground , Elizabeth line , Thameslink along with other commuter rail operators , Madrid's Metro and Cercanías , Barcelona's Metro and Rodalies , and Tokyo's subway and the JR lines along with various privately owned and operated commuter rail systems. Regional rail usually provides rail services between towns and cities, rather than purely linking major population hubs in

6440-426: The Yamanote Line , Keihin Tohoku Line , Chūō–Sōbu Line services arguably are more akin to rapid transit with frequent stops, simple stopping patterns (relative to other JR East lines) no branching services and largely serving the inner suburbs; other services along the Chūō Rapid Line , Sōbu Rapid Line / Yokosuka Line , Ueno–Tokyo Line , Shōnan–Shinjuku Line etc. are mid-distance services from suburban lines in

6580-412: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

6720-414: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

6860-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

7000-402: The 300 km/h (186 mph) Nuremberg–Ingolstadt high-speed railway . The regional trains Stockholm – Uppsala , Stockholm– Västerås , Stockholm– Eskilstuna and Gothenburg – Trollhättan in Sweden reach 200 km/h (120 mph) and have many daily commuters. In Great Britain , the HS1 domestic services between London and Ashford runs at a top speed of 225 km/h, and in peak hours

7140-597: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

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7280-448: The Central Business Districts (CBDs) of these three cities within 1 hour of each other. This has resulted in unexpectedly high demand for new commuter trips between the three cities and a corresponding increase in suburban rail passengers accessing the high-speed services at the main city-centre stations ( Hauptbahnhof ). The Regional-Express commuter service between Munich and Nuremberg in Germany runs at 200 km/h (120 mph) on

7420-407: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

7560-420: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

7700-402: The East Rail Line share tracks with intercity trains to mainland China . The three KCR lines are integrated into the MTR network since 2008 and most passengers do not need to exit and re-enter the system through separate fare gates and purchase separate tickets to transfer between such lines and the rest of the network (the exceptions are between the Tuen Ma line's East Tsim Sha Tsui station and

7840-419: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

7980-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

8120-527: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

8260-433: The Netherlands carry many commuters, while their equipment, range, and speeds are similar to those of commuter trains in some larger countries. The United Kingdom has a privatised rail system, with different routes and services covered by different private operators. The distinction between commuter and intercity rail is not as clear as it was before privatisation (when InterCity existed as a brand of its own), but usually it

8400-414: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

8540-567: The Southern Suburbs line). These works were a diversion from Bradfield's plan which had trains emanating from St James not Central. Further, instead of running parallel to Oxford Street, the line would run via Kings Cross to Bondi Junction. The second stage of works would extend the line through North Bondi (Muriverie Road Station) and Rose Bay (Dover Road Station). Construction commenced in late 1951 on sites around Central and Redfern stations with preliminary railway tunnels blasted 27 metres (90 ft) below Martin Place but ceased in 1952 due to

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8680-411: The Tsuen Wan line's Tsim Sha Tsui station . In Taiwan, the Western line in the Taipei - Taoyuan Metropolitan Area, Taichung Metropolitan Area and Tainan - Kaohsiung Metropolitan Area as well as the Neiwan - Liujia line in the Hsinchu Area are considered commuter rail. In South Korea, the Seoul Metropolitan Subway includes a total of 22 lines, and some of its lines are suburban lines. This

8820-491: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

8960-435: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

9100-416: The US and Melbourne and Adelaide in Australia, use broad gauge track. Metro rail and rapid transit usually cover smaller inner-urban areas within 12 to 20 km (7 to 12 mi) of city centers, with shorter stop spacing, use rolling stocks with larger standing spaces, lower top speed and higher acceleration, designed for short-distance travel. They also run more frequently, to a headway rather than

9240-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

9380-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

9520-405: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

9660-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

9800-467: The capital Algiers and its southern and eastern suburbs. They also serve to connect Algiers ' main universities to each other. The Dar es Salaam commuter rail offers intracity services in Dar es Salaam , Tanzania. In Botswana, the ( Botswana Railways ) "BR Express" has a commuter train between Lobatse and Gaborone . In Japan, commuter rail systems have extensive network and frequent service and are heavily used. In many cases, Japanese commuter rail

9940-472: The centre, and often feature purpose-built rolling stock. The fact that the terminology is not standardised across countries (even across English-speaking countries) further complicates matters. This distinction is most easily made when there are two (or more) systems such as New York's subway and the LIRR and Metro-North Railroad , Paris' Métro and RER along with Transilien , Washington D.C.'s Metro along with its MARC and VRE , London's tube lines of

10080-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

10220-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

10360-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

10500-543: The day and peak. The additional works were completed for the 1980 timetable change integrating the line into the Illawarra line, thus helping to relieve congestion by removing Illawarra line services from the City Circle. The new stations on the line were equipped with magnetic stripe ticketing and turnstiles , but that technology was not extended to the remainder of the network, leaving the majority of stations within

10640-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

10780-666: The dense parts of Seoul, some track sections extend far outside of the city, and operate large sections at ground level, such as on the Line 1 , Line 3 and Line 4 . In Busan, the Donghae Line , while part of the Busan Metro system, mostly functions as a commuter rail line. In Indonesia , the KRL Commuterline is the largest commuter rail system in the country, serving the Greater Jakarta . It connects

10920-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

11060-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

11200-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

11340-493: The eastern side of the University of New South Wales. The intended terminus at Kingsford, where the terrain drops closer to sea level, may have been an above ground station with potential for stabling yards on then government-owned land near the suburb of Daceyville . To reduce costs and more effectively stage the project, the line was curtailed to Bondi Junction (original plans suggested Edgecliff, but Bondi Junction provided

11480-482: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

11620-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

11760-698: The exclusive suburb of Woollahra to prevent round-the-clock tunnelling works, spawning a chain of legal action that culminated in the High Court of Australia three years after construction finished in 1979. When the Wran government came to power in May 1976, a Board of Review of the Legislative Assembly was set up to examine the merits and feasibility of the Eastern Suburbs Railway project. All tunnelling works had been completed to Bondi Junction and much of

11900-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

12040-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

12180-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

12320-471: The former BR 's Regional Railways , France's TER ( Transport express régional ), Germany's Regionalexpress and Regionalbahn , and South Korea's Tonggeun and Mugunghwa-ho services. In some European countries, the distinction between commuter trains and long-distance/intercity trains is subtle, due to the relatively short distances involved. For example, so-called " intercity " trains in Belgium and

12460-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

12600-452: The high cost of a city railway meant that such plans were put aside. In the 1880s, the population of the Eastern Suburbs was small, and a railway would not have been viable. Successive Royal Commissions in 1890 & 1896 recommended a railway be built into the city, with the provision for an Eastern Suburbs extension, but both requests were ignored. Preference at the time, however, was for tramway construction: The Tramways Extension Bill 1880

12740-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

12880-590: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

13020-789: The inner parts of the network. Most such trains run on the local standard gauge track. Some systems may run on a narrower or broader gauge. Examples of narrow gauge systems are found in Japan, Indonesia , Malaysia , Thailand , Taiwan, Switzerland, in the Brisbane ( Queensland Rail 's City network ) and Perth ( Transperth ) systems in Australia, in some systems in Sweden, and on the Genoa-Casella line in Italy. Some countries and regions, including Finland , India, Pakistan, Russia , Brazil and Sri Lanka, as well as San Francisco ( BART ) in

13160-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

13300-476: The line to be composed of dual single-bore tunnels and have two significant twin track concrete viaduct structures at Woolloomooloo and Rushcutters Bay. The route from Bondi Junction to Kingsford was selected, primarily because of the ease of tunneling through sandstone along the high topological ridgeline that runs from the existing terminus at the Junction, via Waverley, northern Randwick, Randwick Junction and to

13440-586: The longer distances involved. Some services include express services which skip some stations in order to run faster and separate longer distance riders from short-distance ones. The general range of commuter trains' travel distance varies between 15 and 200 km (10 and 125 miles), but longer distances can be covered when the trains run between two or several cities (e.g. S-Bahn in the Ruhr area of Germany). Distances between stations may vary, but are usually much longer than those of urban rail systems. In city centres

13580-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

13720-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

13860-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

14000-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

14140-546: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

14280-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

14420-973: The northern region of Peninsular Malaysia. In Thailand, the Greater Bangkok Commuter rail and the Airport Rail Link serve the Bangkok Metropolitan Region . The SRT Red Lines , a new commuter line in Bangkok, started construction in 2009. It opened in 2021. Another commuter rail system in Southeast Asia is the Yangon Circular Railway in Myanmar . In India, commuter rail systems are present in major cities and form an important part of people's daily lives. Mumbai Suburban Railway ,

14560-1017: The number expected to rise even higher upon full completion of the Acharnes Railway Center . Eskişehir-Ankara and Konya-Ankara high speed train routes serve as high speed commuter trains in Turkey. Commuter/suburban trains are usually optimized for maximum passenger volume, in most cases without sacrificing too much comfort and luggage space, though they seldom have all the amenities of long-distance trains. Cars may be single- or double-level , and aim to provide seating for all. Compared to intercity trains, they have less space, fewer amenities and limited baggage areas. Commuter rail trains are usually composed of multiple units , which are self-propelled, bidirectional, articulated passenger rail cars with driving motors on each (or every other) bogie . Depending on local circumstances and tradition they may be powered either by diesel engines located below

14700-533: The oldest suburban rail system in Asia, carries more than 7.24 million commuters on a daily basis which constitutes more than half of the total daily passenger capacity of the Indian Railways itself. Kolkata Suburban Railway , one of the largest suburban railway networks in the world, consists of more than 450 stations and carries more than 3.5 million commuters per day. The Chennai Suburban Railway along with

14840-553: The other, the Northern line continues out of the city centre to a mainline rail interchange, while the Wirral line has a city-centre loop. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

14980-648: The outer reaches of Greater Tokyo through operating into these lines to form a high frequency corridor though central Tokyo. Other commuter rail routes in Japan include: Commuter rail systems have been inaugurated in several cities in China such as Beijing , Shanghai , Zhengzhou , Wuhan , Changsha and the Pearl River Delta . With plans for large systems in northeastern Zhejiang , Jingjinji , and Yangtze River Delta areas. The level of service varies considerably from line to line ranging high to near high speeds. More developed and established lines such as

15120-423: The passenger compartment ( diesel multiple units ) or by electricity picked up from third rails or overhead lines ( electric multiple units ). Multiple units are almost invariably equipped with control cabs at both ends, which is why such units are so frequently used to provide commuter services, due to the associated short turn-around time. Locomotive hauled services are used in some countries or locations. This

15260-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

15400-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

15540-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

15680-411: The previous construction work. The City and Suburban Electric Railways (Amendment) Act of 1947 made provision for the construction of 44 miles (71 km) of new suburban electric railways. New construction was carried out including the construction of four underground platforms beside Central Station at Chalmers Street (only two would be used for the Eastern Suburbs line, the other two would be used for

15820-727: The proposed station use fare surcharge. When the Airport Link Company, the operator of the Airport line , went into receivership due to low patronage in 2000, interest in constructing the Bondi Beach extension collapsed. In 2001, the government rejected the proposed extension to Bondi Beach as a public-private partnership. The railway line received an Engineering Heritage Plaque award from Engineers Australia as part of its Engineering Heritage Recognition Program . Commuter rail The term can refer to systems with

15960-419: The railway and to operate it for a 30-year term. The physical works involved the extension eastwards of the existing tunnels at Bondi Junction with the construction of a new 2.6-kilometre (1.6 mi) single-track tunnel to the proposed Bondi Beach station site under South Bondi Park. Local residents opposed several aspects of the project, including the site chosen for the station, the impact on bus services and

16100-465: The railway was started by the NSW Department of Railways. Construction commenced with the building of stub tunnels at St James station . These tunnels ran southward from St James rising to clear the City Circle lines and turned east towards the Eastern Suburbs. They then halted pending further construction after the completion of the railway from Central to St James and Wynyard . The railway

16240-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

16380-538: The suburban network issuing Edmondson tickets . This situation did not change until both ticketing systems were replaced by the Automated Ticketing System in 1992-1993 Bondi Junction had originally been intended only as an intermediate turnback station before the extension to Kingsford was abandoned. In 1990, the land set aside for this extension in Randwick and Kingsford was sold. As part of

16520-461: The towns closer to Kowloon. They use rolling stocks with a faster maximum speed and have longer stop spacing compared to other lines which only run in the inner urban area, but in order to maximise capacity and throughput, these rolling stocks have longitudinal seatings, 5 pairs of doors in each carriage with large standing spaces like the urban lines, and run as frequent as well. Most of the sections of these four lines are overground and some sections of

16660-472: The track was laid, but the stations were mostly incomplete. The Board was asked primarily whether the project continue or be abandoned yet again. The Board made the following recommendations: The recommendations were almost entirely accepted: the line would be truncated to Bondi Junction (but platforms would be tiled their full length). Further, due to residents' demands, costs and poor patronage expectations, Woollahra station would not be completed (there remains

16800-494: The train either has a terminal station or passes through the city centre with notably fewer station stops than those of urban rail systems. Toilets are often available on-board trains and in stations. Their ability to coexist with freight or intercity services in the same right-of-way can drastically reduce system construction costs. However, frequently they are built with dedicated tracks within that right-of-way to prevent delays, especially where service densities have converged in

16940-563: The train from either end. The motive power for locomotive-hauled commuter trains may be either electric or diesel–electric , although some countries, such as Germany and some of the former Soviet-bloc countries, also use diesel–hydraulic locomotives. In the US and some other countries, a three-and-two seat plan is used. Middle seats on these trains are often less popular because passengers feel crowded and uncomfortable. In Japan, South Korea and Indonesia, longitudinal (sideways window-lining) seating

17080-553: The trains can be full with commuters standing. The Athens Suburban Railway in Greece consists of five lines, 4 of which are electrified. The Kiato – Piraeus line and the Aigio – Airport lines reach speeds of up to 180 km/h (112 mph). The Athens – Chalcis line is also expected to attain speeds of up to 200 km/h (124 mph) upon upgrading of the SKA–Oinoi railway sector. These lines also have many daily commuters, with

17220-469: The travel time to distant locations, often using station passing loops instead of dedicated express tracks. It is notable that the larger Japanese commuter rail systems are owned and operated by for-profit private railway companies, without public subsidy. East Japan Railway Company operates a large suburban train network in Tokyo with various lines connecting the suburban areas to the city center. While

17360-574: The type of train, amenities offered, and stopping pattern, usually tell the services apart. Russian commuter trains , on the other hand, frequently cover areas larger than Belgium itself, although these are still short distances by Russian standards. They have a different ticketing system from long-distance trains, and in major cities they often operate from a separate section of the train station. Some consider "inter-city" service to be that which operates as an express service between two main city stations, bypassing intermediate stations. However, this term

17500-470: The way inter-city rail does. Regional rail operates outside major cities. Unlike Inter-city, it stops at most or all stations between cities. It provides a service between smaller communities along the line that are often byproducts of ribbon developments , and also connects with long-distance services at interchange stations located at junctions, terminals, or larger towns along the line. Alternative names are "local train" or "stopping train". Examples include

17640-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

17780-624: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

17920-493: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

18060-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

18200-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

18340-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

18480-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

18620-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

18760-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

18900-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

19040-495: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

19180-443: Was partially complete) and one surface station (Woollahra, in a cutting), two 772-metre (2,533 ft) concrete viaducts and a further 800 metres (2,600 ft) of surface works. At Kings Cross a road tunnel bypass of the commercial centre would be constructed coincidentally. Work progressed slowly and at significant expense. Industrial action spurred by ethnic tensions delayed the works, as did an injunction taken out by residents of

19320-480: Was passed in 1880 and the tramway network in the Eastern Suburbs spread rapidly, reaching Bondi Beach in 1894, Rose Bay in 1898 and Watsons Bay in 1909. Two other tram lines were also built to Randwick. The Eastern Suburbs Railway was a part of engineer Dr John Bradfield's scheme for Sydney's railways (the Bradfield Scheme ). The alignment and profile for the line was set in 1926 and construction on

19460-576: Was planned to continue approximately parallel to Oxford Street to Bondi Junction . However, the intervention of the Great Depression and World War II halted construction on all Bradfield's plans including the Eastern Suburbs Railway causing its abandonment. Post War, the construction of the railway returned to government agenda. Two lines would be built: one proceeding on a viaduct out to Kings Cross, then eventually to Bondi Beach . Another line would head from St James via Taylor Square and

19600-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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